According to CoinMeta, Crown New Materials announced that the company plans to use the raised funds to increase capital in three wholly-owned subsidiaries in order to advance the projects funded by the issuance. Specifically, 315 million yuan will be invested to increase capital in Guangdong Crown, 276 million yuan in Jiangsu Crown, and 228 million yuan in Zhejiang Crown. After this capital increase is completed, the registered capital of each of the three subsidiaries will be increased to 350 million yuan. The company will still hold 100% of their equity. This does not involve related-party transactions or major asset restructurings, nor will it change the purpose of the raised funds or affect the scope of the company's consolidated financial statements. This capital increase has been approved by the company's board of directors, and the sponsoring institution, CICC, has no objections to this matter.